UK Overview
Signet is the largest speciality retailer of fine jewellery in the UK, with 563 stores and a total market share of approximately 12.1% (2006: 12.2%). It trades as H.Samuel (14% of Group sales), targeting the middle market, and Ernest Jones (12% of Group sales), positioned at the upper end of the middle market. Total sales during 2007/08 were $959.6 million (2006/07: $907.1 million), H.Samuel’s sales were $513.4 million (2006/07: $490.3 million) and Ernest Jones’ $438.8 million (2006/07: $409.1 million).
At 2 February 2008 there were 359 H.Samuel stores and 204 Ernest Jones stores (including 16 Leslie Davis stores). Approximately 54% of these are in covered or enclosed shopping malls and 46% are located in prime “High Streets” (main shopping streets with high pedestrian traffic). Mall stores accounted for 61% of total UK division sales. H.Samuel is the largest chain of speciality retail jewellers in the UK and its stores are located in virtually every medium and large retail centre. Ernest Jones, the UK’s second largest speciality retail jewellery chain, is represented in most large retail centres.
The strategy in the UK is to increase average transaction value by focusing on merchandise where the division’s competitive advantages are greatest, particularly diamond jewellery and watches, thereby improving store productivity and achieving operational leverage. To achieve this, the division has an integrated series of initiatives in the key areas of retail execution to continue the improvement of customer service, merchandising, marketing and real estate.
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UK Like for Like Sales, % |
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UK Operating Profit, $m |
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UK Performance |
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UK Performance |
*53 week year